Loquera is a fantastic slang term for 'craziness' or a 'wild phase'. It's derived from the word loco (crazy) and describes a whole period or lifestyle of wild, chaotic behavior.
In the song, the artist sings, "me hice adicto a andar en esta loquera" (I got addicted to living in this craziness). He uses this powerful word to describe the wild lifestyle of money and partying he fell into after the relationship went sour. It’s a much more expressive and specific term than the standard word for madness, locura.
This song is a messy, honest look at a relationship on the rocks. The singer is frustrated because his girlfriend has been ignoring him for two days: "Dos días enojada, dos días que no me hablas" (Two days angry, two days you haven't spoken to me). He's out with his friends, drinking and partying to cope, but he's clearly still hung up on her. He tries to act tough, dismissing her anger as "otra de tus payasadas" (another one of your silly games) and complaining that she's always exaggerating.
He blames her for his wild lifestyle, claiming he warned her that on his own he was a mess ("yo era un cagadero"). Now he's surrounded by the things he thought he wanted, like stacks of cash and lots of women, but he admits it's all empty. The most telling line is "Wacha lo que conseguí / Un chingo de culos y ni uno me llena" (Watch what I got / A ton of women and not one fulfills me). It's a classic story of someone getting everything they wanted only to realize it's not what they needed.